KEIWA Cash Flow Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,269	3,927	2,760	6,699	3,271
Depreciation & Amortization	2,102	1,731	1,590	1,515	1,348
Loss (Gain) From Sale of Assets	9.45	103	2	-582	123
Asset Writedown & Restructuring Costs	155.88	-	-	-	-
Loss (Gain) From Sale of Investments	-	-	-6	-6	-96
Other Operating Activities	262.67	-968	-1,494	-1,300	-300
Change in Accounts Receivable	-790.15	726	-355	966	-1,875
Change in Inventory	-152.65	-213	345	299	-893
Change in Accounts Payable	-106.12	-214	-240	-1,230	756
Change in Other Net Operating Assets	-200.99	824	-155	399	-158
Operating Cash Flow	3,549	5,916	2,447	6,760	2,176
Operating Cash Flow Growth	-40.01%	141.77%	-63.80%	210.66%	77.78%
Capital Expenditures	-2,933	-2,181	-2,917	-4,109	-2,589
Sale of Property, Plant & Equipment	11.84	9	12	706	3
Sale (Purchase) of Intangibles	-62.08	-28	-50	-464	-44
Investment in Securities	-48.19	-518	-952	-138	355
Other Investing Activities	-	-1	-	1	1
Investing Cash Flow	-3,032	-2,719	-3,907	-4,004	-2,274
Long-Term Debt Issued	600	400	500	-	2,300
Long-Term Debt Repaid	-1,701	-1,194	-1,255	-1,373	-1,479
Net Debt Issued (Repaid)	-1,101	-794	-755	-1,373	821
Issuance of Common Stock	13.01	-	-	-	4,312
Repurchase of Common Stock	-957.75	-	-	-	-
Common Dividends Paid	-674.51	-481	-721	-239	-118
Other Financing Activities	-	-77	-70	-68	-64
Financing Cash Flow	-2,720	-1,352	-1,546	-1,680	4,951
Foreign Exchange Rate Adjustments	100.75	412	396	16	216
Miscellaneous Cash Flow Adjustments	-	-1	-	-1	-
Net Cash Flow	-2,102	2,256	-2,610	1,091	5,069
Free Cash Flow	615.72	3,735	-470	2,651	-413
Free Cash Flow Growth	-83.52%	-	-	-	-
Free Cash Flow Margin	3.01%	17.68%	-2.67%	12.56%	-2.28%
Free Cash Flow Per Share	33.13	193.73	-24.39	137.69	-23.25
Cash Interest Paid	-	27	33	44	50
Cash Income Tax Paid	1,560	963	1,505	1,081	306
Levered Free Cash Flow	-	3,520	-918.63	1,041	-898.25
Unlevered Free Cash Flow	-	3,537	-898	1,069	-867.63
Change in Working Capital	-1,250	1,123	-405	434	-2,170

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.